JP Morgan Provides $75MM Used Powersports Inventory Financing to RumbleOn
OCT 27, 2022 - 7:13 am
RumbleOn, a technology-based omnichannel powersports platform, entered into a $75 million used powersports inventory financing credit facility with J.P. Morgan.
“RumbleOn remains focused on providing the best customer experience in powersports, and access to high-quality used inventory is paramount to our future growth,” Narinder Sahai, CFO of RumbleOn, said. “The option to finance used inventory provides us with the flexibility we need to fund our working capital needs while executing on our mission to build the future of powersports. We believe that securing this inventory financing credit facility with J.P. Morgan amid tightening credit markets is further validation of the strength of our business model.”
“We are committed to finding the best solutions to help our clients grow their businesses and we are excited to underwrite an inventory financing facility with RumbleOn,” Jeff Stern, managing director of asset-based lending for J.P. Morgan Commercial Banking, said. “We look forward to supporting RumbleOn as they scale their business and offer used powersports vehicles to more consumers nationwide.”
This year has kept the equipment finance sector on its toes with a massive banking crisis, continually rising interest rates and consistent concerns about an economic recession. Equipment finance companies and their customers are continuing to deal with the pressure... read more
Whether it’s equipment finance or comedy writing, diversity of thought and diversity of input help us to connect the dots in new and interesting ways. Unconventional ideas can lead to breakthrough thinking and tangible value creation. Now, more than ever,... read more